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Zhu Junsheng: Financial institutions and products participating in the third pillar of old-age care

Date: 2022-05-23
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According to the news of the Chinese government network on April 21st, the General Office of the State Council issued opinions on promoting the development of individual pensions. The individual pension is subject to the individual account system, and the payment is entirely borne by the individual participant, which is fully accumulated. Participants set up personal pension accounts through personal pension information management service platform. Individual pension account is the basis for participating in the individual pension system and enjoying preferential tax policies.

In this regard, shanghai securities news reporter interviewed experts for the first time to listen to their interpretation of this important system.

Zhu Junsheng, research director of China Insurance and Pension Research Center of Tsinghua University Wudaokou Institute of Finance, said that defining the accumulation mode of account system is conducive to the transformation of short-term savings into long-term pension assets, increasing the asset scale and support capacity of pension, correcting the structural imbalance of the three-pillar system of pension insurance, and enhancing the sustainable development capacity of pension. In addition, it is also conducive to gathering long-term pension funds, which can hedge the potential impact of the decline in savings rate and investment rate under the background of aging population.

It is pointed out that the funds in the personal pension fund account are used to purchase financial products that meet the requirements of bank wealth management, savings deposits, commercial endowment insurance, Public Offering of Fund, etc., which are safe, mature, stable, standardized and focus on long-term value preservation and meet the preferences of different investors. Participants can choose independently. The financial institutions and financial products involved in the operation of individual pensions are determined by the relevant financial regulatory authorities and released to the public through information platforms and financial industry platforms.

Zhu Junsheng said that the opening of the personal pension system means that the range of financial institutions and products participating in the third pillar will be expanded. The scope of the third pillar will be gradually expanded to include commercial endowment insurance, fund products, bank wealth management, savings deposits and other financial products that meet the requirements. Expanding the scope of participating financial institutions and products will help to promote the competition in the personal pension market, enrich the product forms, thus increasing the public's right to choose and improving the operational efficiency of the personal pension market.

It is pointed out that the state has formulated preferential tax policies to encourage qualified personnel to participate in the personal pension system and receive personal pensions according to regulations.

Zhu Junsheng said that the specific tax policy has yet to be clarified. He suggested expanding tax incentives on the basis of the previous personal tax deferred commercial endowment insurance pilot. The EET deferred taxation model adopted by the pilot of personal tax deferred commercial endowment insurance has a certain incentive effect for high-income groups, but the middle-and low-income groups may not be able to enjoy it because their income does not reach the threshold, which is not conducive to improving the fairness and coverage of the system. According to international experience, tax incentives for individual pensions can also take the form of direct financial subsidies. Germany's Leicester Pension Plan is this model.

At the same time, he also suggested that the actual tax rate at the collection stage should be greatly reduced, so as to encourage the participation of low-and middle-income taxpayers, expand the coverage of individual pensions, and better achieve the policy objectives.

According to the opinion, participants who have reached the age of receiving basic pension, are completely incapacitated, have settled abroad, or have other conditions in line with national regulations can receive personal pension monthly, in installments or in one lump sum after the information platform verifies the receiving conditions. Once the receiving method is determined, it cannot be changed. When you receive it, you should transfer your personal pension from your personal pension fund account to your social security card bank account. After the participant dies, the assets in his personal pension fund account can be inherited.

Zhu Junsheng said that it is recommended to adopt the way of receiving life annuity and give play to the unique role of insurance in dispersing longevity risks. As far as the individual is concerned, the risk of longevity is uncertain, which leads to two possibilities: first, the actual life span exceeds the expected life span, and the personal pension savings are exhausted before the death, resulting in the embarrassment of old age life; Second, the actual life span is shorter than the expected life span, resulting in the surplus of heritage.

'Because everyone's actual life span is different, they can help each other and spread the risk of longevity when their actual life span exceeds their expected life span. Life annuity is conditional on the survival of the insured, which can realize the lifelong annuity, that is, as long as the individual lives, he can receive the pension. This annuity collection method based on life table and using actuarial technology can effectively solve the challenges brought by the uncertainty of individual life expectancy. ' Zhu Junsheng said.

He further explained that no matter whether the actual life span is higher or lower than the expected life span, annualization enables the insured to receive a certain amount of pension income regularly after retirement until his death. This can avoid the financial risk caused by the actual life exceeding the expected life. Therefore, it is necessary to learn from international experience and take measures such as tax policy adjustment to encourage the implementation of life annuity collection. In fact, this is also an internationally accepted effective means to deal with the uncertain longevity risk of the elderly and ensure the economic security of the elderly.


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